Canadian cannabis sales have continued their mixed performance through June 2024, seeing another dip in total sales, but some states are showing resilience.
According to the latest figures from Statistics Canada, fell 6.6% year on year to $405.7m in June 2024, and just under 2% from $413.6m in May.
Sales figures have fluctuated throughout the year (June 2023 – June 2024), with sales peaking in August 2023 at $469.0m, before seeing a significant drop in January 2024 to $401.9m, marking the lowest point during this period.
Between September and November 2023 sales began to decline, with November 2023 showing a drop to $429.0m. Despite the holiday season, December 2023 sales did not fully recover, recorded at $448.7m —higher than the previous months but still below the August peak.
Since the dramatic dip between December 2023 and February 2024, there has been a modest recovery during these months, with sales rising to $410.5 million in April 2024.
The following months have remained relatively steady, though they have failed to reach the peaks seen last summer.
On a regional basis, Quebec and Newfoundland & Labrador have remained resilient, with Quebec showing growth particularly from March 2024 onwards.
Comverselt, Ontario and British Columbia experienced significant declines, with Ontario dropping from $178.9m million in June 2023 to $158.3m in June 2024, and British Columbia from $66.3m to $56.3m over the same period. Alberta and Saskatchewan also saw declines, particularly sharp after November 2023.
Due to the continued turbulence in the market, alongside high competition from both the legal and illicit markets, Canada’s biggest cannabis companies are continuing to focus on international sales.
Aurora Cannabis reportedly saw its international sales for the first half of the year increase by 31% to $39.3m, largely driven by its acquisition of MedReleaf Australia in February.
As such, the company now represents over 30% of Canada’s total exports in this sector, with strong performances in markets such as Australia, Germany, Israel, Czechia, and Portugal. Growth was particularly notable in the Czech and Portuguese markets.
However, Tilray has continued to flesh out its offering in Canada over recent weeks, announcing plans to launch a new small-batch cannabis strain, Milk & Cookies, under its premium brand Broken Coast on Thursday.
Initially, this new strain is available in select regions of Canada, including British Columbia and Alberta, with plans to expand into Ontario, Manitoba, and Saskatchewan in the fall. Pre-rolls of the strain are already available in Ontario and Alberta.
The post Canadian Cannabis Sales Continue Turbulent Year With 2% Downturn in June appeared first on Business of Cannabis.
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